Economic and non-economic factors influence the sales of trade management software

• Published Month : Friday, 06 Sep 2019 03:53 pm

The logistics & transportation, retail & consumer goods, and automotive sectors are expected to have a large positive impact on the growth of the trade management software market.

The trade management software market is experiencing high growth in the forecast period. The growth of the market for trade management software is highly influenced by the trade activities across the globe. The sales of trade management software are largely influenced by numerous economic and non-economic factors of the countries. The logistics & transportation, retail & consumer goods, and automotive sectors are expected to have a large positive impact on the growth of the trade management software market. Also, for the healthcare & pharmaceutical industry, increasing import and export of medical devices and drugs are creating a huge demand for trade management software. Potentially, the healthcare sector is witnessing a high demand as compared to another sector during the forecast period.

The global trade management software market valued at US$ 712.3 Million in 2018 and is expected to grow at a CAGR of 9.6% during the forecast period 2019 - 2027, to account to US$ 1,607.2 Million in 2027.

Geographically, North America contributed the maximum market share in 2018 in the trade management software market. The increasing import and export activities are driving the global trade management software market. as per Economic Complexity Index (ECI), the US is the 3rd largest export economy globally, as well as seventh most complex economy. In 2017, the country exported US$ 1.25 trillion goods. Some of the major exports of the country included refined petroleum, cars, planes, helicopters, and/or spacecraft, gas turbines and packaged medicaments among others. Also, the top export destinations of the country were Mexico, Canada, China, Japan and Germany. Moreover, according to ECI, Canada is the raked as the 12th largest export economy globally as well as the 24th most complex economy. Further, as per the Canadian Government, nearly 180,000 enterprises in Canada imported or exported more than $1 trillion in goods in 2018. Also, 45,081 Canadian enterprises or 0.7% of the total Canadian business population exported goods. The number of Canadian enterprises importing goods was almost four times higher-at 164,553 or 2.6% of the business population.

The trade management software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The APAC region is expected to be the fastest growing region in the coming years. China has become the world’s largest consumer market particularly, for electronic goods. Further, the country has witnessed a remarkable growth in its e-commerce sector that accounted for around 10% of the country’s total retail sales. The logistics and e-commerce sector of the country is constantly noticing a tremendous growth and retailers and service providers are focusing in warehouse and logistics automation. As per ECI, China is the world’s largest export country and 2nd largest importer. Also, it is the 33rd most complex economy in the world. Major exports include broadcasting equipment, computers, office machine parts, integrated circuits, and telecom devices. Further, key imports of China are integrated circuits, cars, iron ore, gold, and petroleum. The major import origin for China are other Asian countries, South Korea, Japan, the US, and Germany. However, major export destinations are the US, Japan, Germany, and South Korea.

The major players operating in the market for trade management software are Amber Road, Inc., Bamboo Rose LLC, Expeditors International of Washington, Inc., Integration Point, LLC, Livingston International, MIC, Oracle Corp, QAD, Inc, QuestaWeb, SAP SE, and others.